TROY — The City of Troy’s loan review committee gave a positive recommendation to a $250,000 loan request from the Moeller Brew Barn for its new Troy location Thursday.
The loan is for Moeller Brew Barn’s Tabernacle Brewing Company, which will be located at 214 W. Main St., the site of the former Gospel Community Church and First Lutheran Church.
The loans will be presented to city council for review at a later date.
A loan of $125,000 would come from the city’s CDBG Revolving Loan fund. The second loan would be from the state’s CDBG Economic Development Grant. The city has already applied for the grant from the state and has been pre-approved, according to assistant economic developer Tim Davis. The loans are contingent on the state’s $125,000 grant, which is expected to be approved in mid-December.
The terms of the loans are 4.5 percent for seven years. The company was granted a nine month interest-only payment once the loans are approved.
Tony Scott, President of Keystone Homes, owns the former church building. Nick Moeller, of the brewing company, was also present at the meeting. Moeller and Scott said their plans are to open the Tabernacle Brewery in April or May of 2019. In the meeting, plans were for Moeller to lease the building from Scott for the next 10 years and then purchase the building outright.
Chairman Pro-Tem John Frigge said, “Fellas, it looks like it should be successful.” The committee unanimously approved the loan requests.
The loan review packet included the business plan for the Maria Stein-based brewery’s second location in Troy.
The company anticipates $1.9 million in sales in 2019; $2.1 million in 2020 and 2.3 million in 2021. The Tabernacle Brewery expected to add 25 full-time and part time jobs at the Troy location.
The Moeller Brew Barn in Maria Stein opened in 2015. According to financial statements, the brewery had a 32 percent increase in sales from 2016 to 2017. The Brew Barn is currently undergoing a $1.5 million expansion to add a restaurant, expand its distribution and increase of its brewing capacity.